The FHA Loan Modification Guidelines include a requirement that the borrower has financial hardship to pay his first mortgage made on or before January 2009. The guidelines require that the home must be the primary residence; the loan must not be more than $729,750, and with a debt-to-income ratio figure required.
Pomona, WA -- (SBWIRE) -- 10/05/2012 -- The Home Affordable program is only for those homeowners with a monthly mortgage payment including taxes, insurance, and home owner’s association dues greater than 31% of their monthly income before paying tax. The fha mortgage loan modification can be for you if you meet Fha Loan Modification Requirements. You can become qualified to apply for help of HAMP. Your existing mortgage lender cannot proceed with a foreclosure sale on the eligible borrower. The borrower must be first evaluated for HAMP qualifying points and at least a trial modification must be made. The HAMP rule also prevents lenders from foreclosure sales while the loan is considered for a HAMP modification – this rule can be used by homeowners trying foreclosure.
But what if the lender has already declared foreclosure before the homeowners can apply for FHA Loan Modifications under the new HAMP. The homeowners must inform the lender of his intention to qualify for HAMP program. Foreclosure on any property is not permitted when being considered for modification during the trial period. One more question most homeowners concern is - Do they need to be behind on mortgage payments to qualify for HAMP. The homeowners need not necessarily be behind with their payments. But if they are thinking of future financial low income they may fear to go into default. Such people should inform their lenders to avoid foreclosure proceedings.
Know Qualification Guidelines for FHA Loan Modification in Details
Homeowners in imminent danger of default can then provide the necessary documents for financial hardship and change in employment status and income. The homeowner’s participation in HAMP may or may not affect their credit. This cannot be predicted. It will affect your credit if your mortgage lender reports your loan status prior to approval of the home affordable modification program.
Many distressed families with unemployment are worried. Such people must not waste time in waiting for gainful employment. They must inform their loan provider immediately. The mortgage payments can be temporarily reduced to less than 31% of your pre-tax income. Your lender could also help you totally by deferring your payments from 6-12 months or longer. They will be added to your principal and will have to be paid at the end of your mortgage. A lot of Americans find that their homes have become underwater. Such homeowners can still afford to pay their mortgage. According to the new HARP 2.0 guidelines homeowners can refinance with a FHA Refinance to prevent losing their home.
Loan-ModificationPrograms has best lawyers which gives a much better chance of approval for the fha loan modification, refinancing etc. The entire previous mortgage is studied in depth. New violations of law are identified and used as leverage to get homeowners affordable monthly payments.
Copyright © 2005-2014 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-593-5640 (International)